RMB Continues to Strengthen Against the U. S. Dollar

The China Foreign Exchange Trade System (CFETS), an institution under the control of the People's Bank of China that is in responsible for setting the reference rate for yuan trading, set the central parity rate for the Chinese Yuan or Renminbi at 6.5592 per U.S. dollar today, strengthening from the 6.5632 rate set yesterday to achieve a new high. CFETS calculates the daily rate by taking a weighted average of quotes from commercial banks designated to act as market makers in the currency. The yuan is allowed to trade by up to 0.5 percent against the dollar on either side of the so-called central parity rate.

Source
China Securities Journal

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